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Females On The Fringe: Considering Gender In Payday Lending Policy, Amy J. Schmitz
Females On The Fringe: Considering Gender In Payday Lending Policy, Amy J. Schmitz
Chicago-Kent Law Review
Payday lending may provide a much-needed safety net for some consumers in need of quick cash for emergencies. However, data suggest that most payday loan borrowers become repeat users caught in a cycle of high-cost debt. Furthermore, empirical evidence indicates consistent overrepresentation of women, including many single mothers, among payday loan borrowers. This takes a toll not only on these women and their families, but also on society as a whole. Indeed, context matters in payday lending debates. It is thus time to think creatively and consider contextualized programs that aim to increase women’s and all consumers’ safe borrowing options, …
Interest Rate Caps, State Legislation, And Public Opinion: Does The Law Reflect The Public's Desires?, Timothy E. Goldsmith, Nathalie Martin
Interest Rate Caps, State Legislation, And Public Opinion: Does The Law Reflect The Public's Desires?, Timothy E. Goldsmith, Nathalie Martin
Chicago-Kent Law Review
In scholarly circles, debates about the benefits and burdens of high-costs lending are prevalent, as are debates about whether to cap interest on certain kinds of consumer loan. Despite this scholarly interest, few scholars actually know what the general public thinks or knows about interest rates on common consumer credit products. This article tries to close this gap through an empirical study of consumer attitudes about interest rates in the state of New Mexico, a state in which high-cost loans such as payday loans and title loans are ubiquitous. Our data show that the general public overwhelmingly supports interest rate …